X0304 5 2011-12-31 1 0 0 0001185348 PORTFOLIO RECOVERY ASSOCIATES INC PRAA 0001185354 GRUBE CRAIG A 120 CORPORATE BLVD SUITE 100 NORFOLK VA 23502 0 0 0 1 Senior Advisor Common Stock 2011-02-18 5 S 0 3000 85.21 D 27789 D Common Stock 2011-02-18 5 G 0 1442 0.00 D 26347 D Common Stock 2011-02-25 5 S 0 1000 84.85 D 25347 D Common Stock 2011-05-10 5 S 0 2600 85.72 D 22747 D Common Stock 2011-05-10 5 G 0 500 0.00 D 22247 D Common Stock 2011-05-12 5 S 0 400 85.25 D 21847 D Common Stock 2011-05-31 5 S 0 1000 86.25 D 20847 D Common Stock 2011-07-07 5 S 0 600 89.25 D 20247 D Common Stock 2011-08-09 5 P 0 1500 67.47 A 21747 D Common Stock 2011-12-31 5 A 0 1085 0.00 A 22832 D This transaction occurred after the reporting person exited Section 16 status and is being reported voluntarily by way of this Form 5. The sale prices for this transaction ranged from $85.69 to $85.74. The filer hereby agrees to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price. These shares were awarded pursuant to the Company's 2010 Long Term Equity Incentive Plan ("LTI Plan") in which the reporting person was granted both performance based and time vested restricted shares. The shares reported on this form represent the shares earned under the Earnings Per Share performance category as outlined in the Proxy Statement filed by Portfolio Recovery Associates, Inc. on April 27, 2011. /s/ Craig A. Grube 2012-02-10